I cannot believe that Walter Filler and his crony Mr Rahoul Ray are not yet behind bars. What does it take in Australia to catch and punish an out and out thief and charlatan. Nexis Holdings share price was manipulated to 3.30 Euro and then quickly went down to .1 Euro cents.
There is a huge case of insider trading against these two fellows and they are still roaming around Australia and the world free. These people have cheated many hard working people out of the their money and our bureaucrats are too scared/lazy to touch them.

As I understand it Rahoul Ray had resigned as Secretary of Nexis Holdings PLC back on 11Oct09 but that was only filed on 28Jul11. In the meantime it appears that Rahoul Ray has found alternative employment in Australia.
Could somebody please clarify, what am I missing !

Richard James Walker had resigned as Director on 21Dec10.
What other company is he now preparing to list on the Frankfurt Stock Exchange ?

CHARGES alleging a multimillion-dollar Sunshine Coast property swindle have been laid against the directors of a UK-registered company who once boasted a $500 million budget for rural acquisitions in Queensland and northern NSW.

The fraud charges relate to the well-publicised purchase of the historic Yalanga Station in the Noosa hinterland in 2010 by entities linked to Nexis Holdings PLC.

The fertile cropping and cattle grazing property was among 2140ha of prime rural assets on the Sunshine Coast secured by the company in deals totalling $45 million.

It is arguably on the most prized rural properties on the Sunshine Coast and is often referred to as the "green diamond".

Among the other acquisitions were Queensland's two biggest macadamia farms, one of them previously owned by former state Labor minister Ken Haywood.

Nexis Holdings has since been delisted from the Frankfurt Stock Exchange and was wound up in the UK's High Court late last year for "trading with a lack of commercial probity".

Its directors Walter Filler and Rahoul Ray are now facing charges in Brisbane Magistrates Court relating to the purchase of Yalanga Station through a Nexis subsidiary.

Both men, who reside in NSW, appeared in court late last week each charged with five counts of fraud.

They have been ordered to surrender their passports and remanded on cash bails of $5000 to reappear on December 9.

The charges accuse Mr Filler and Mr Ray of being involved in a $22 million-plus fraud relating to the acquisition of Yalanga Station from the Van Zetten family, who had owned the 1643ha holding since 1993.

It is alleged that between April 1 and December 31, 2010, they "dishonestly induced" Will Van Zetten and others to deliver Yalanga Station to a subsidiary of Nexis Holdings, yielding it $20.7 million.

Four further charges allege that Mr Van Zetten also was "dishonestly induced" to make cash payments totalling $1,945,257 to Nexis Holdings and its subsidiary.

Mr Ray, 53, the former chief executive officer of Nexis Holdings, lives in the exclusive Sydney enclave of Point Piper. He was extradited to Queensland to face the charges after allegedly failing to stop for police on the Pacific Highway at Crows Nest.

He allegedly continued for a short distance before driving into an underground car park where he was arrested on an outstanding warrant.

Mr Filler, 65, who was the executive chairman of Nexis Holdings, lives on a 2ha property at Cudgera Creek, near Pottsville, just south of the Gold Coast.

His sprawling resort-style rural retreat was listed to go under the hammer in mid-2012 but was mysteriously withdrawn from sale shortly before the auction date.

Nexis Holdings was a company that touted technology to produce building materials from clean, recyclable materials destined for landfills.

At the time of the Sunshine Coast property transactions, Mr Filler said the acquisitions were part of the company's strategy to secure food and water assets worldwide.

Yalanga Station, formerly known as Cootharaba, is reputedly the Sunshine Coast's largest single freehold parcel of land. Spread across seven titles it has a 140-year history.

Mr Van Zetten has described it as "the most beautiful property on the Coast" and said he only sold it because he was retiring.

Finansinspektionen (the Swedish Financial Supervisory Authority) has
today published this statement in order to warn investors against dealing with unauthorised firms.

Firkin Asset Consultants has not received authorisation from Finansinspektionen and therefore is not entitled to provide financial services in Sweden.
Finansinspektionen has not received any notification of cross-border activities from other EEA countries.

Firkin Asset Consultants has a website (firkinac.com) using the following contact information:

Representatives from Firkin Asset Consultants contact investors through unsolicited telephone calls and offer to buy their holdings of shares in
American OTC companies, World Wide Child Care Corp. and Nexis Holding PLC. Investors must first pay a fee in advance ("security deposit") to secure the deal. This is an advance fee fraud scheme.

In respect of Firkin, I have never heard of them and it has nothing to do with me. I left Nexis many many years ago. The current situation is that two people from Nexis have been charged with five counts each of fraud as the previous article states.

Well, it does seem an unrelated fraud. There's something to be said for a fraudster offering to help recover investments in an independent fraud, though. It's something like someone claiming to be from the Nigerian equivalent of the FBI offering to help you recover monies paid in regard the Nigerian money scam.

On March 8, the Peachester macadamia farm in Queensland’s Glasshouse Mountains was sold to Grant Pastoral for $2.5 million. As there were nine other parties bidding at the auction, Pierpont has to assume the sale represented a fair market price.

It also represented the continuing retreat of Nexis Holdings plc from the Queensland property market – a retreat which makes Napoleon’s from Moscow look like a walk in the park. If you’ve never heard of Nexis you’re lucky, because Pierpont has heard from a couple of the former shareholders and they’re as unhappy as Bonaparte in a snowdrift.

Pierpont does not know all the details of Nexis, but from the snippets he has picked up on the internet, it has a deeply troubled past, beginning with the launch of Phoenix Technology Corporation in 1998. The Phoenix business model was to take solid waste and recycle it into building panels. As such, it would achieve two laudable goals: reducing pressure on the planet’s landfills and helping to provide affordable housing.

Phoenix’s chairman, Walter Filler told shareholders that it would cost $600 million to build a manufacturing plant but the net return would be $250 million a year. Except no plant was ever built.

Phoenix burned through $8 million in its first two years as a public company. Perhaps its most considerable feat was that it managed to arouse the ire of the Australian Securities & Investments Commission, which said its capital raisings had been faulty and ordered it to offer to return to shareholders the money they had subscribed.

Holders of $2 million worth of shares asked for their cash back but by then Phoenix was in liquidation, having produced no accounts for the last two financial years of its life. Shareholders were wiped out and so were the creditors, who were owed $7.3 million.

Showing great resilience, Walter bounced back by forming Nexis in 2001 to pursue exactly the same business.

Possibly because he had left a few scarred investors behind in Australia, Walter created Nexis as an offshore company. Nexis was originally registered in Hong Kong and then shifted to the UK. Perhaps because Walter was born in Germany in 1948, Nexis listed first in Frankfurt and then on the Berlin Stock Exchange.

Listing requirements for Berlin did not use to be onerous. Five years ago they appear to have been non-existent because Pierpont knew one small Australian exploration company which had no sooner listed on the ASX than it received a brief letter from the Berlin Stock Exchange saying it had been listed there too. The company had not applied for the listing and it was the first any director had even heard of the Berlin exchange.

So listing on Berlin can be involuntary. Nor did Berlin ever ask for a single scrap of data from the company, so Pierpont can only conclude Berlin must be a delightfully worry-free exchange.

Let’s fast forward to the year ending October 2010, when Nexis reported a 42 percent increase in profit to €28 million and shareholder equity soaring from €1.4 billion to €3.8 billion. With a share price at €3, its market capitalisation was stated as €10 billion.

Pierpont has not the foggiest idea how this success was achieved or even whether it was achieved. Nexis’ accounts for the year to October 2010 show revenue of €78 million, but give no clue how it was derived. Operating cashflow is shown as €117 million negative.

The auditors were equally puzzled. They said:

1. The value of Nexis’ investment in intellectual property (€3.8 billion) had been based on directors’ projections of future income streams, although the businesses had not begun commercial operations.

2. The company had paid for the investments by issuing 1.5 billion shares, but the volume of shares traded was too low for their value to be adequately assessed.

3. They had been unable to confirm the existence of the company’s €4.3 million bank balance because it was held by a third party.

Nonetheless, Nexis had managed to buy a chunk of Queensland. In 2010 it bought two macadamia farms – Peachester and Wilson’s Pocket – for $20 million, followed by the $25 million purchase of the 1,640 hectare Yalanga farm outside Noosa. Peachester and Wilson’s Pocket have now been sold for some $5.5 million – leaving Nexis (more probably its lenders) with a loss of $14.5 million.

The bigger story is about Yalanga, to which the rest of today’s column will be devoted.

If there is a competition for Queensland’s worst land deal for 2010, Pierpont is prepared to nominate the sale of Yalanga farm by Suncoast Pastoral Company as a contender. Originally it seemed a great deal. for the owners, Will and Joy van Zetten, who were on the verge of retirement. Nexis offered $25 million for Yalanga. The price looked good, considering a valuation of Yalanga for the Commonwealth Bank was only $14 million.

Nexis offered to pay half the price in cash and the rest in shares. The van Zettens were originally wary of the scrip offer. Will had made his money in pipelines and (wisely) had never held shares before.

But Walter showed them a document saying that Nexis built and owned recycling plants, that its share price was €0.80 and that it had a contract with China to build 300,000 houses. According to Will, Walter said the shares would be worth €4 or €5 by 2011 and in five years time, probably €10.

Dazzled by the prospect of such riches, the van Zettens accepted..The deal took several months to consummate, largely because Nexis kept asking them to pay various overheads. These included:

1. A broker’s fee of $245,000.

2. $900,000 to the CBA as a deposit pending provision of a bank guarantee.

3. $265,257 for 110,000 Nexis shares. This was to qualify Suncoast to enter a “share pool” in which it could the rest of its shares on market for a potential $9 million.

Yalanga was sold but by March 2011 it was apparent that Walter and Rahoul had not sold the Nexis shares and there was little prospect they could. So Suncoast sued Nexis, Walter and Rahoul, claiming it had been fraudulently induced to sell the property.

Judgement was delivered by Justice Peter Applegarth in the Supreme Court of Queensland. It is as scathing a document as Pierpont has ever read and your correspondent recommends it to any former Phoenix creditors or shareholders who are in vengeful mode.

Justice Applegarth found that Walter and Nexis’ chief executive Rahoul Ray had acted fraudulently. They had not used a finance broker, so no $245,000 should have been payable by Suncoast. Also the CBA had not required Suncoast to put up $900,000, so Suncoast should not have paid that either.

The judge’s most biting remarks were reserved for the false picture Walter had painted of Nexis’ business and share price. He said there was some evidence that Nexis had a pilot plant in Europe which produced panels, but “Nexis was not engaged in the business of manufacturing and extruding panels for housing construction using waste products. It was simply untrue to represent that it was.”

“There were no plants under construction. Mooted projects in China and India never went anywhere. It did not derive revenue in the way alleged. There is no evidence that it had a contract for construction of 300,000 houses that were to be built in China,” the judge said.

“Nexis was not a substantial company. The shares that [Filler] proposed to provide as part consideration for the purchase price of Yalanga were practically worthless. They could not be freely traded. There was no market for them.”

Walter did not give oral evidence in the case, but one of his former directors, Richard Walker, did. Richard had been a non-executive director of Nexis from 2008 to 2010 and fell out rather badly with Walter, who at one point accused him of trading shares that should have been escrowed. Richard told the court he did not see any plants under construction while he was on the board, nor any evidence of a contract for 300,000 houses in China. He said the share pool scheme was “basically just a concept”. He added: “In order for someone to sell shares, there has to be a buyer”.

The judge calculated that damages owing to Suncoast were $5.5 million plus legal costs. To Pierpont it looks like a Pyrrhic victory. Nexis went into liquidation last January and the van Zettens’ dreams of a comfortable retirement have been devastated.

At settlement of the Yalanga sale, the only cash they received was $5.5 million which paid off a mortgage to Westpac. They were owed another $1.5 million for the various fees they were asked to pay by Ray, which Justice Applegarth found to be fraudulent. That $1.5 has never been repaid to the van Zettens.

The van Zettens received 17 million Nexis shares, which are hard to sell and almost valueless. Richard said in his testimony that he sold a million shares and received about €1,000 for them, or €0.001 each. That’s four noughts short of the €10 the van Zettens were expecting. Far from collecting $25 million or more, the van Zettens had to sell a house in the USA and two apartments in Brisbane – at considerable losses - to pay off their debts.

To finance the Yalanga purchase, Nexis’s subsidiary Coburg borrowed $8 million from the Maroochydore branch of the Commonwealth Bank. With interest, that debt is now more than $10 million and the CBA, holding the first mortgage, has been trying to sell Yalanga since late last year. So Any reader who wants to buy 6.6 square miles of Noosa hinterland should ring Nick Dowling at Colliers International.

The van Zettens have referred Justice Applegarth’s judgement to the Australian Securities & Investments Commission, the Queensland Fraud Squad and the Australian Crime Commission, none of whom have so far taken any action against either Walter or Rahoul for the alleged frauds

The van Zettens also tried to bankrupt Walter but that did not even get to court because Walter reached a Part X agreement with his creditors, aided by the accounting firm of Hall Chadwick. Under the agreement, a majority of creditors agreed to accept 0.4c in the dollar for their debts and the van Zettens were left out in the cold.

The good news is that as soon as Walter has paid the 0.4c to everyone, he will be free to launch another Phoenix or Nexis or whatever. Pierpont rang to ask when Phoenix Mark III or whatever is coming, but Walter refused to talk to your correspondent, saying Pierpont could read for himself all the lies about him on the internet. Anyhow if Wlter or Rahoul come around promising to make thousands of houses out of your local rubbish dump, remember you read it here first.

Ref: Phoenix Mark III May Yet Arise
Friday, April 5th, 2013

P050413

Phoenix Mark III May Yet Arise

On March 8, the Peachester macadamia farm in Queensland’s Glasshouse Mountains was sold to Grant Pastoral for $2.5 million. As there were nine other parties bidding at the auction, Pierpont has to assume the sale represented a fair market price.

It also represented the continuing retreat of Nexis Holdings plc from the Queensland property market – a retreat which makes Napoleon’s from Moscow look like a walk in the park. If you’ve never heard of Nexis you’re lucky, because Pierpont has heard from a couple of the former shareholders and they’re as unhappy as Bonaparte in a snowdrift.

Pierpont does not know all the details of Nexis, but from the snippets he has picked up on the internet, it has a deeply troubled past, beginning with the launch of Phoenix Technology Corporation in 1998. The Phoenix business model was to take solid waste and recycle it into building panels. As such, it would achieve two laudable goals: reducing pressure on the planet’s landfills and helping to provide affordable housing.

Phoenix’s chairman, Walter Filler told shareholders that it would cost $600 million to build a manufacturing plant but the net return would be $250 million a year. Except no plant was ever built.

Phoenix burned through $8 million in its first two years as a public company. Perhaps its most considerable feat was that it managed to arouse the ire of the Australian Securities & Investments Commission, which said its capital raisings had been faulty and ordered it to offer to return to shareholders the money they had subscribed.

Holders of $2 million worth of shares asked for their cash back but by then Phoenix was in liquidation, having produced no accounts for the last two financial years of its life. Shareholders were wiped out and so were the creditors, who were owed $7.3 million.

Showing great resilience, Walter bounced back by forming Nexis in 2001 to pursue exactly the same business.

Possibly because he had left a few scarred investors behind in Australia, Walter created Nexis as an offshore company. Nexis was originally registered in Hong Kong and then shifted to the UK. Perhaps because Walter was born in Germany in 1948, Nexis listed first in Frankfurt and then on the Berlin Stock Exchange.

Listing requirements for Berlin did not use to be onerous. Five years ago they appear to have been non-existent because Pierpont knew one small Australian exploration company which had no sooner listed on the ASX than it received a brief letter from the Berlin Stock Exchange saying it had been listed there too. The company had not applied for the listing and it was the first any director had even heard of the Berlin exchange.

So listing on Berlin can be involuntary. Nor did Berlin ever ask for a single scrap of data from the company, so Pierpont can only conclude Berlin must be a delightfully worry-free exchange.

Let’s fast forward to the year ending October 2010, when Nexis reported a 42 percent increase in profit to €28 million and shareholder equity soaring from €1.4 billion to €3.8 billion. With a share price at €3, its market capitalisation was stated as €10 billion.

Pierpont has not the foggiest idea how this success was achieved or even whether it was achieved. Nexis’ accounts for the year to October 2010 show revenue of €78 million, but give no clue how it was derived. Operating cashflow is shown as €117 million negative.

The auditors were equally puzzled. They said:

1. The value of Nexis’ investment in intellectual property (€3.8 billion) had been based on directors’ projections of future income streams, although the businesses had not begun commercial operations.

2. The company had paid for the investments by issuing 1.5 billion shares, but the volume of shares traded was too low for their value to be adequately assessed.

3. They had been unable to confirm the existence of the company’s €4.3 million bank balance because it was held by a third party.

Nonetheless, Nexis had managed to buy a chunk of Queensland. In 2010 it bought two macadamia farms – Peachester and Wilson’s Pocket – for $20 million, followed by the $25 million purchase of the 1,640 hectare Yalanga farm outside Noosa. Peachester and Wilson’s Pocket have now been sold for some $5.5 million – leaving Nexis (more probably its lenders) with a loss of $14.5 million.

The bigger story is about Yalanga, to which the rest of today’s column will be devoted.

If there is a competition for Queensland’s worst land deal for 2010, Pierpont is prepared to nominate the sale of Yalanga farm by Suncoast Pastoral Company as a contender. Originally it seemed a great deal. for the owners, Will and Joy van Zetten, who were on the verge of retirement. Nexis offered $25 million for Yalanga. The price looked good, considering a valuation of Yalanga for the Commonwealth Bank was only $14 million.

Nexis offered to pay half the price in cash and the rest in shares. The van Zettens were originally wary of the scrip offer. Will had made his money in pipelines and (wisely) had never held shares before.

But Walter showed them a document saying that Nexis built and owned recycling plants, that its share price was €0.80 and that it had a contract with China to build 300,000 houses. According to Will, Walter said the shares would be worth €4 or €5 by 2011 and in five years time, probably €10.

Dazzled by the prospect of such riches, the van Zettens accepted..The deal took several months to consummate, largely because Nexis kept asking them to pay various overheads. These included:

1. A broker’s fee of $245,000.

2. $900,000 to the CBA as a deposit pending provision of a bank guarantee.

3. $265,257 for 110,000 Nexis shares. This was to qualify Suncoast to enter a “share pool” in which it could the rest of its shares on market for a potential $9 million.

Yalanga was sold but by March 2011 it was apparent that Walter and Rahoul had not sold the Nexis shares and there was little prospect they could. So Suncoast sued Nexis, Walter and Rahoul, claiming it had been fraudulently induced to sell the property.

Judgement was delivered by Justice Peter Applegarth in the Supreme Court of Queensland. It is as scathing a document as Pierpont has ever read and your correspondent recommends it to any former Phoenix creditors or shareholders who are in vengeful mode.

Justice Applegarth found that Walter and Nexis’ chief executive Rahoul Ray had acted fraudulently. They had not used a finance broker, so no $245,000 should have been payable by Suncoast. Also the CBA had not required Suncoast to put up $900,000, so Suncoast should not have paid that either.

The judge’s most biting remarks were reserved for the false picture Walter had painted of Nexis’ business and share price. He said there was some evidence that Nexis had a pilot plant in Europe which produced panels, but “Nexis was not engaged in the business of manufacturing and extruding panels for housing construction using waste products. It was simply untrue to represent that it was.”

“There were no plants under construction. Mooted projects in China and India never went anywhere. It did not derive revenue in the way alleged. There is no evidence that it had a contract for construction of 300,000 houses that were to be built in China,” the judge said.

“Nexis was not a substantial company. The shares that [Filler] proposed to provide as part consideration for the purchase price of Yalanga were practically worthless. They could not be freely traded. There was no market for them.”

Walter did not give oral evidence in the case, but one of his former directors, Richard Walker, did. Richard had been a non-executive director of Nexis from 2008 to 2010 and fell out rather badly with Walter, who at one point accused him of trading shares that should have been escrowed. Richard told the court he did not see any plants under construction while he was on the board, nor any evidence of a contract for 300,000 houses in China. He said the share pool scheme was “basically just a concept”. He added: “In order for someone to sell shares, there has to be a buyer”.

The judge calculated that damages owing to Suncoast were $5.5 million plus legal costs. To Pierpont it looks like a Pyrrhic victory. Nexis went into liquidation last January and the van Zettens’ dreams of a comfortable retirement have been devastated.

At settlement of the Yalanga sale, the only cash they received was $5.5 million which paid off a mortgage to Westpac. They were owed another $1.5 million for the various fees they were asked to pay by Ray, which Justice Applegarth found to be fraudulent. That $1.5 has never been repaid to the van Zettens.

The van Zettens received 17 million Nexis shares, which are hard to sell and almost valueless. Richard said in his testimony that he sold a million shares and received about €1,000 for them, or €0.001 each. That’s four noughts short of the €10 the van Zettens were expecting. Far from collecting $25 million or more, the van Zettens had to sell a house in the USA and two apartments in Brisbane – at considerable losses - to pay off their debts.

To finance the Yalanga purchase, Nexis’s subsidiary Coburg borrowed $8 million from the Maroochydore branch of the Commonwealth Bank. With interest, that debt is now more than $10 million and the CBA, holding the first mortgage, has been trying to sell Yalanga since late last year. So Any reader who wants to buy 6.6 square miles of Noosa hinterland should ring Nick Dowling at Colliers International.

The van Zettens have referred Justice Applegarth’s judgement to the Australian Securities & Investments Commission, the Queensland Fraud Squad and the Australian Crime Commission, none of whom have so far taken any action against either Walter or Rahoul for the alleged frauds

The van Zettens also tried to bankrupt Walter but that did not even get to court because Walter reached a Part X agreement with his creditors, aided by the accounting firm of Hall Chadwick. Under the agreement, a majority of creditors agreed to accept 0.4c in the dollar for their debts and the van Zettens were left out in the cold.

The good news is that as soon as Walter has paid the 0.4c to everyone, he will be free to launch another Phoenix or Nexis or whatever. Pierpont rang to ask when Phoenix Mark III or whatever is coming, but Walter refused to talk to your correspondent, saying Pierpont could read for himself all the lies about him on the internet. Anyhow if Wlter or Rahoul come around promising to make thousands of houses out of your local rubbish dump, remember you read it here first.

It should be noted recently that Walter Filler's palatial acreage property in the Gold Coast hinterland is up for sale again. Only this time he is offering Vendor terms. Please read the attached.

Surely anyone subject to his Part 10 Bankruptcy agreement and a compliant Trustee, would expect the relevant authorities ie Police and DPP to seek further details about the proposed sale. As the property has had enormous funds expended on it to bring it up to this standard, it is common knowledge that Walter Filler paid with Nexis shares and cash to his contractors for their input. This equity should be in the hands of his Trustee NOT his or his wife’s Company Morepine P/Ltd

The property is listed for sale under 3 separate ads as $1,500,000, $1,350,000 and $1,350,000 and he is offering Vendor terms which implies there is No debt or mortgage. One can only imagine what marvellous financial engineering has occurred to create this situation for a financially struggling individual as he alleges to be. Legally his Trustee should be controlling his financial affairs and be made aware of any changes to his personal financial circumstances, including Morepine Pty Ltd.

The investigating authorities appear to have missed or overlooked the facts above and also many other Assets that were undeclared in his statements to his Trustee. Three prestige luxury Mercedes vehicles, Antique Clock collection and large amount of new machinery in the sheds on this farm are among the missing items declared.

He has now sold the Byron Bay Café/resturaunt in Jonson st to locals for a substantial amount of money in excess of $150,000. Where is that cash Mr. Filler?

His Part 10 arrangement expires in the new year and unless his Trustee decides to investigate these matters it appears he will get away with this non disclosure ONCE AGAIN !.

Part 10 – Personal Insolvency Agreement
For those who have large debts and wish to avoid bankruptcy, a Personal Insolvency Agreement under Part 10 (Part X) of the Bankruptcy Act will allow you to repay your creditors a higher return than they would normally receive if you were to declare bankruptcy. Personal Insolvency Agreements, like Debt Agreements, can benefit your financial future; however, it is important that you seek expert advice in order to manage your debt according to your circumstances.

3 Alternative arrangements relating to Bankruptcy - Part 10( Part X)
There are three types of arrangements which a debtor can propose under Part X as alternatives to bankruptcy:
• Deed of arrangement
• Deed of assignment
• Composition

A deed of arrangement provides for the arrangement of the debtor's affairs with a view to the payment, in whole or in part, of his or her debts. In some cases, it may simply be a formal arrangement with creditors to pay debts over time. It can involve the transfer of some property to the trustee to be realised and distributed among creditors.
A debtor who executes a deed of arrangement is not released from his or her debts unless the deed specifically provides for such release.

A deed of assignment provides for the transfer of all of the debtor's divisible property for the benefit of his or her creditors. It effectively produces the same result as bankruptcy, but the debtor avoids bankruptcy and its consequences.

A composition provides for the creditors to accept payment of their debts in installments or to accept, in full satisfaction of their debts, a lesser amount than is actually owed to them.

In general terms, the process involves the debtor appointing a person to take control of his or her affairs (the ‘controlling trustee') with a view to putting a proposal to creditors. The controlling trustee then convenes a meeting of creditors who vote on the debtor's proposal.

The creditors can either accept or reject the proposal. If they reject the proposal, they can also require the debtor to petition for his or her own bankruptcy.

Under Part X, the decision on the debtor's future is given over to the creditors who will make a judgement about the merits of the proposal based on their own knowledge of the debtor, a report given by the controlling trustee and information obtained at the creditors' meeting. In essence, the creditors make a decision on commercial grounds.

If the creditors resolve to accept the debtor's proposal, they will also appoint a trustee who is responsible for realising and distributing property under the deed or composition. The trustee can be, but is not necessarily, the same person as the controlling trustee.

Part X contains a number of features to assist the creditors in making a decision in relation to the debtor's proposal and should be used correctly to determine the proposals viability before deciding on how to vote.

No wonder he struts around Town declaring his innocence to Locals and blaming the Internet details as absolute rubbish and lies. His reappearance in the Supreme Court with Rahoul Ray is due in April and I believe the Police will add extra charges to those already listed.

I posted remarks about these two crooks Walter Filler and Rahoul Ray in 2010 and still nothing has been done. Looks like these two guys are smarter than all you guys. You use your fancy words list all Walters and Rahoul's faults but they are still not in jail rather they are laughing at all of you. The Australian justice system seems to be one big joke it is only there for honest people who are scared of committing a misdemeanor, this system can do nothing against those who do not care. I think Walter and Rahoul have worked out the system and you guys are naive to think our politician, authorities and legal system can do something about it - looks like they won't - no one cares.

Theo, I'm sorry just what unregistered reality did you say you were calling from? There seems to be some confusion here caused by the language barrier.

This boards exists to DISCUSS scams and such, at NO time has it or anyone here made any presentments or made any allusions that we have or do or are are involved in any way with the enforcement of the laws in ANY jurisdiction.

If these people who have you so hot and bothered are scamming or harming people within the jurisdiction of Australia, then that is where the complaint must be filed and action taken.

We can examine, make comment on and provide what information we have available, but in the end as NOT Australian citizens, we have exactly zip standing to do anything beyond that.

If you have proof of what you are claiming, then you need to speak to whatever the Australian equivalent of consumer and/or securities fraud is.

The fact that you sincerely and wholeheartedly believe that the “Law of Gravity” is unconstitutional and a violation of your sovereign rights, does not absolve you of adherence to it.

This board exists solely to provide information to people who do their due diligence. We are not law enforcement of any kind, nor do we provide any type of service beyond information. We ask (require) as accurate information as possible so that others know what to look for. That being said it is not unknown that the IRS or other agencies may patrol this board from time to time to learn something from what posters have posted but in no way do we have control over it. As ND correctly pointed out we are not headquartered in Australia, we may have a few posters from there. The greatest part of the regulars would have no clue how to begin alerting authorities there. If you are present there and have contact or solid information about laws being broken you can have a much greater affect by contacting your local authorities then we ever can.

Lift me up above this, the flames and the ashes,
Lift me up and help me to fly away.
Lift me up above this, the broken, the empty,
Lift me up and help me to fly away,
Lift me up!

Interesting return comments.
I contacted ASIC, contacted various other government bodies - they all said the German stock exchange was out of their control. If ASIC could not do anything what was the point to go any further. I even send emails to Mr Pierpont who took 3 years to come up with his pompous remarks. As previously stated you guys just like to talk fancy words and make statements which in the end mean nothing. Walter and Rahoul are making you guys look like fools. The various government department are not interested in something which is outside their brief.
You are both too naive.

It still all comes back down to where Nexis is actually legally domiciled. If it really is an Australian company, then Australia is the country that has jurisdiction over it. If it is registered in Europe somewhere, then whatever country holds the registration is point you have to go to.

You have been less than forthcoming with any real information, other than your attitude, which accomplishes nothing. The only thing the Börse would be interested in is if there had been something illegal, under their rules, with the stock itself, corporate actions would be of limited interest to them.

I suspect, based on your attitude, and your actions here, that you threw a temper tantrum at whoever the local authorities in Australia were, and they told you to pound sand, since you didn't give them anything they could work with or recognize as something they would have had legal power to act against.

Get your facts, and your information, and your attitude in hand, and you may get somewhere, keep acting like a petulant three year old, and you won't.

To date, and as far back as Nov 2011, you have posted exactly and specifically nothing that would add any light or veracity to your claims, either put forth or pound sand.

The fact that you sincerely and wholeheartedly believe that the “Law of Gravity” is unconstitutional and a violation of your sovereign rights, does not absolve you of adherence to it.

I don't understand how these scammers are making us look like fools. We don't have any authority to shut them down and they certainly haven't come here and pwnd us, so...yeah. Expecting an internet forum, who is by no means a regulating or law enforcement agency, to take an anonymous complaint with no verifiable details and just jump on a plane and arrest some scammers is some Hollywood exaggeration. I mean, sure, through some discussion it's been determined that they're scammers and according to a link posted (now dead), the organization has been shut down, but I think if I try to go to Australia and put some vigilante smackdown on their asses, I'm going to be arrested and banned from re-entering the country. Not that I'd want to go there to begin with...the nature down there is freaky crazy.